Public Protector MUST demand Apartheid blood money back

For over two decades, we have known of the apartheid-era’s grand theft, and the bankers who profited.

This loot, disguised under the auspices of ‘lifeboats’ from SARS to “struggling” banks and companies, amounted to plain fraud, and the billions stolen must now be returned to its rightful owners: the South African people.

Where has all this come from?

In 1997, our secret service contracted Ciex, an asset recovery company run by ex-British spies.

Their report, known as Project Spear, found that in the final years of the apartheid regime, the government through SARB provided ZAR26 billion to companies and banks.

To put this number into perspective, it is the equivalence of the government’s entire 2016 subsidy for tertiary education!

Of this figure, over 10%, or ZAR3.2 billion, went to ABSA alone. This week, we have learnt that the people’s Public Protector, Busisiwe Mkhwebane is hot on their heels!

Where is this money now?

Today, we see this stolen money in the form of opulence amidst growing poverty and unemployment.

As the table below shows, whilst the CEOs of the big four rake in millions off the back of this stolen loot, ordinary black South Africans continue to suffer in poverty, with employment reaching 27%, and the number of people living below the poverty line increasing by 1.6 million since 1994!

Bank CEO Total CEO package (ZAR Million) Amount looted during apartheid (ZAR Billion)
Absa Maria Ramos 28.571 3.2
Remgro Bernard Fornas &  Richard Lepeu 29.488 2.75
Sanlam Ian Kirk 5.3 (basic salary) 2.75
Amscor KPE Wakeford 14.4

 

Remember, these are apartheid era figures. Interest or inflation is not factored in. Taking Absa alone, over ZAR7 billion has been accrued in interest alone!

The people’s Public Protector

The Office of the Public Protector has three pillars: accountability, integrity & responsiveness. No one should ever consider themselves above this, including monopoly capital!

If you agree, Let us know what you think in the comment section, tweet us @Voetsek_SA, or Like us on Facebook. Whatever you do – SPEAK UP! Let everyone know what you think. Always.

11 thoughts on “Public Protector MUST demand Apartheid blood money back

  • January 15, 2017 at 5:33 pm
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    Armscor has been buggered by the post apartheid government

    Reply
  • January 16, 2017 at 11:13 am
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    Similar assistance was give to African Bank recently. It in essence saved the bank, saved jobs, saved peopled lively hood and investments. What would have been gained if it was not done. It is the responsibility of government through its various institutions to step in and save the banks as the banks going under would be a disaster to the many people who have money invested and have home loans that could be recalled if the banks was to go under. This was done with about four other banks over the years and still two went under.

    Do the public protector or those prompting her know the implications of her actions and recommendations.

    Reply
  • January 18, 2017 at 1:56 pm
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    I’d suggest waiting for a final outcome on this before hastily taking such a stance. Even the ANC deployed cadres at the Reserve Bank have come out to say their is no case to answer.

    Reply
  • January 18, 2017 at 6:08 pm
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    ABSA was only listed on the JSE in November 1999. Did not exist as an entity before that.

    Reply
    • January 24, 2017 at 3:04 pm
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      True. But Amalgamated Banks of South Africa Limited was founded back in 1991. According to Wikipedia at least, they’re one and the same, isn’t that so?

      Reply
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      We are having difficulty understanding this one. Anyone care to explain?

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    Reply
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